24 lectures 30 minutes each 1 Investing Skill, Strategy, and Temperament Welcome to a boot camp on investing! Discover the influences that led Professor Longo to a career in finance. Then meet some of the major figures you will study in the course. Survey the key principles and strategies that built their fortunes.x 2 Benjamin Graham and Value Investing Many of the most successful investors of the 20th and early 21st centuries were hugely influenced by the work of Ben Graham, the pioneer of value investing. Study the underpinnings of his proven philosophy, including the contrasting strategies of the enterprising investor and the defensive investor.x 3 Warren Buffett: Investing Forever Explore the celebrated career of Warren Buffett, one of the world's richest people thanks to his disciplined approach to buying and selling companies. Learn how Buffett modified the strategy of his mentor, Ben Graham, by searching out high-quality companies with a competitive advantage, or moat.""x 4 Fisher and Price: The Growth-Stock Investors Turn to the fathers of growth investing, Philip Fisher and T. Rowe Price, Jr.. Discover how to tell growth stocks from value stocks. Then learn to spot signs that a stock is worth holding over the very long term, which is the goal of this influential school of portfolio analysis.x 5 Harry Markowitz's Modern Portfolio Theory Study what two Nobel Prize-winning economists have to say about risk. Harry Markowitz put risk on an equal footing with return. Delve into his Modern Portfolio Theory and its implications for investors. Also investigate the insights of William Sharpe's Capital Asset Pricing Model.x 6 John Bogle, Index Mutual Fund Pioneer See the index fund phenomenon from the inside through the career of John Bogle, founder of the Vanguard Group. Consider evidence for and against the Efficient Market Hypothesis, on which index investing is based. Also look into pitfalls to avoid when buying index funds.x 7 Small-Cap Stocks: More Risk, More Reward Explore the world of small-cap investing, which targets companies with a market capitalization (outstanding shares times price/share) generally less than a billion dollars. Learn how legendary investors Warren Buffett, Peter Lynch, and Michael Burry flourished in this market. Survey your own options for getting involved.x 8 John Templeton, Global Treasure Hunter Go stock hunting with John Templeton, who changed the world of finance by focusing on the global market and on a socially responsible portfolio. Review Templeton's checklist of the qualities that make a nation an attractive investing opportunity-for example, a low tax rate and high savings rate.x 9 David Dreman, Contrarian Money Manager You are likely to be your own worst enemy when it comes to investing. Find out if you make the common mistakes on market psychologist David Dreman's list. Known as a contrarian-an investor who goes against the crowd-Dreman made a fortune by bucking trends.x 10 Peter Lynch: Invest in What You Know Study mutual funds through the career of Peter Lynch of Fidelity, renowned for his spectacular management of the Magellan Fund in the 1980s. Discover the meaning of key mutual fund terms, and learn how Lynch picked winners. His famous mantra, Invest in what you know," is only part of the formula."x 11 The Bond Kings: Bill Gross, Jeffrey Gundlach Many people have an intuitive understanding of stocks but are at a loss when it comes bonds. Get a grip on this vital investment vehicle by probing the strategies of two contemporary bond kings: Bill Gross and Jeff Gundlach. Consider the best way to use bonds in your own portfolio.x 12 Sovereign Wealth Funds: Singapore Sovereign wealth funds are investment portfolios owned and managed by the government, generally in countries with commodity-oriented economies or large trade surpluses, such as Saudi Arabia and Singapore. Examine the history of these funds, how they operate, and their increasingly important role in the global economy today.x 13 The First Hedge Fund: A. W. Jones Take the mystery out of hedge funds with A.W. Jones, the sociologist who started the modern hedge fund industry. Jones designed a fund that smoothed out the rollercoaster ride of traditional buy-and-hold investing by offsetting long purchase positions with short sale positions.x 14 Activist Investors: Icahn, Loeb, Ackman Go company hunting with activist investors, sometimes called corporate raiders. Chart the exploits of three leading practitioners: Carl Icahn, Dan Loeb, and Bill Ackman. Along the way, learn the meaning of terms such as greenmail, black knight, white knight, shark repellant, and Pac-Man strategy.x 15 The Big Shorts: Livermore, Chanos Short selling is a dangerous game, since your losses are theoretically unlimited. Compare the short-selling strategies of two investing legends: Jesse Livermore, who made millions during the crash of 1929, and James Chanos, who predicted the collapse of Enron in the early 2000s.x 16 George Soros's $10 Billion Currency Play George Soros, financier and philosopher, made more than a billion dollars in one day by following his own advice to bet big if you have high confidence in an idea. Trace the saga of this man's eventful life, from Nazi-occupied Hungary to the world stage, from social science theorist to global macro trader.x 17 Bridgewater's Multi-Strategy Investing Learn from the successes of Ray Dalio, founder of Bridgewater, one of the world's largest hedge funds. Among his coups, the firm's Pure Alpha Fund gained almost 10% during the financial crisis in 2008, while U.S. and global stocks fell by 35% or more. Focus on Dalio's global macro and multi-strategy.x 18 Paul Tudor Jones, Futures Market Seer Study the investment strategy of Paul Tudor Jones, the man who predicted the stock market crash of 1987. Since then, his hedge fund firm, Tudor Investment, has been an industry leader. Focus on Jones's background in futures trading and his savvy use of technical analysis and market psychology.x 19 James Simons: Money, Math, and Computers Trace the stellar financial career of mathematician and former cryptographer James Simons, who tackled a challenge more difficult than code-breaking: consistently beating the market. Learn how quants" such as Simons use computer algorithms to model security prices and execute lightning-fast trades."x 20 Distressed-Asset Investors: Tepper, Klarman For the intrepid investor, there are potential riches to be made when companies go under. Explore the field of distressed investing through the successes of two masters: David Tepper and Seth Klarman. Learn how to seize opportunities by buying what others don't want or must sell under duress.x 21 Motorcycles, Gold, and Global Commodities Travel with the commodities specialist dubbed the Indiana Jones of finance." Since retiring from the Quantum Fund at age 37, Jim Rogers has toured the world, scouting out opportunities in emerging markets. Learn how to break into commodities trading, and get Rogers' tips on what to look for in a foreign market."x 22 Private Equity Innovators: KKR, Blackstone Turn to private equity and leveraged buyouts (LBOs), exploring notable deals by two stars of field: Henry Kravis and Stephen Schwarzman, including Kravis's famous takeover of RJR Nabisco in 1988. Though you may never do an LBO yourself, you can invest in private equity firms that are publicly traded.x 23 Four Women Who Moved Financial Markets On average, women are better investors than men, with the patience, self-control, and risk-consciousness that are crucial to success in the financial world. Study four female top investors: Hetty Green, Linda Bradford Raschke, Sonia Gardner, and Leda Braga-each with a different approach to building wealth.x 24 Becoming a Great Investor Survey the shifting fortunes of one famous company that over the course of a century made it appeal to almost every type of investor covered in this course. Then go through a detailed checklist that reveals the investment approach that matches your outlook and resources. Finish with one final great investor!x

Stock market experts often provide the same words of wisdom over and over: Invest for the long haul. Diversify your portfolio. You can ‘t beat the market. And while this is great advice for the average investor looking to secure their retirement, these rules aren ‘t as hard and fast as the experts may want you to think. History has shown us there are plenty of individuals who beat the market and beat it consistently. Consider Warren Buffet or James Simons—examples of investors who executed the right combination of steady investment methods and calculated risk over decades to build truly impressive fortunes. They didn’t stumble upon a “unicorn” stock or simply get lucky over and over. They did the research, they did the math, they were smart about the risks, and they didn’t lose their heads in volatile times. What lessons for today ‘s investors can be learned by studying these lions of investing? In this exciting and informative course, you’ll meet more than 30 remarkable financiers that have had exceptional success following often unorthodox paths, and who took dramatic monetary risks. In 24 half-hour lectures, The Art of Investing: Lessons from History's Greatest Investors answers the intriguing and universal question of: How did they do it? As you uncover that answer, you ‘ll meet some of the greatest traders who ever lived, discover how they built their wealth, and take away a toolbox of tips, tricks, and lessons from these success stories.

Jesse Livermore: A legendary speculator in the “wild west” era of Wall Street, Livermore shorted the market—bet that stock prices would fall—in advance of the 1907 and 1929 panics, earning a fortune. But he lost big and met a tragic fate when he failed to follow his own rigorous trading rules, which are still influential today. Warren Buffet: Arguably the world’s most famous investor—also one of the richest—Buffet made billions by seeking out high-quality companies selling at a discount, a strategy known as value investing. Unlike the short-term speculation of Jesse Livermore, Buffet ‘s approach sees stock as ownership of a business over the long haul. Jack Bogle: Bogle’s brainstorm was index funds—low-fee mutual funds that track different markets without active managing. The idea was considered laughable and even un-American. But his company, the Vanguard Group, revolutionized investing with the ultimate “set it and forget it” financial instruments.

Aside from being fascinating entrepreneurs, these great investors provide a window into the workings of financial markets, which are a key element of global economic growth. And their histories are not just about amassing wealth, since many of them have inspiring personal success stories as well. For example, preeminent trader Linda Bradford Raschke graduated from college in 1980 with a double major in economics and music composition. As a woman trying to enter a male-dominated industry, and a music major to boot, she was turned down by every brokerage firm where she applied. But she persisted and eventually founded a spectacularly successful hedge fund. In an interesting twist, she credits her musical training with nurturing her unusual ability to see patterns in markets. Your guide through these fascinating stories is award-winning Professor John M. Longo of Rutgers University Business School, ranked by the Wall Street Journal as one of the nation’s top business programs. In addition to his teaching duties, Professor Longo is chief investment officer and portfolio manager for Beacon Trust, with $2.5 billion under management. Whether you are an armchair investor, a business professional, or someone who enjoys entertaining, eye-opening insights about the mindset of financial giants, you will find the profiles in The Art of Investing enlightening and also thrilling. After all, it’s no accident that Hollywood has hit it big with movies about the financial industry, such as The Big Short and Wall Street. The challenge and intense competition of investing make gripping plots! Learn from the Giants Mutual fund superstar Peter Lynch famously said: “Invest in what you know,” meaning that you probably know more about your own occupation, location, and enthusiasms than most Wall Street professionals. But Lynch, who was the most successful mutual fund manager in the world in the 1980s, believed that you should do more than play hunches in familiar businesses; you should dig deeply into a company before risking your capital. In tracing Lynch’s outstanding results with Fidelity’s Magellan fund in Lecture 10, you learn how his approach was to follow up a favorable first impression with rigorous fundamental analysis—looking at a firm’s financial statements, talking to management, and interviewing competitors. You will find his example inspiring, and it may even lead you to try your hand at assembling your own portfolio of stocks. But many people are too busy to take this approach and will benefit tremendously from knowing how active mutual-fund managers such as Lynch do their jobs. Mutual funds vary widely in style, asset allocation, risk, fees, and other criteria, and The Art of Investing helps you understand the many choices that are available, as well as the most common terms, such as load, expense ratio, and basis points. And that’s just for mutual funds! In this course, you learn about a world of other investment opportunities through the careers of traders who have made them pay handsomely:

Growth investing: Identified with Philip Fisher and T. Rowe Price, this strategy focuses on companies with exceptional growth potential that are worth holding. Small-cap stocks: Renowned for his risky trade depicted in The Big Short, Michael Burry built much of his fortune by searching out small-capitalization companies selling at a discount. Hedge funds: Pioneered by A. W. Jones, hedge funds seek to reduce risk with a blend of investments. Other aces at this challenging art include Ray Dalio and Paul Tudor Jones. Corporate raiders : Also known as activist investors, these intrepid entrepreneurs reap huge rewards from mismanaged companies. They include Carl Icahn, Dan Loeb, and Bill Ackman. Currency trading: A bold high-roller in the currency market, George Soros made a billion dollars in one day by betting against the British pound. Quantitative analysis: Professor Longo himself started as a “quant,” crunching numbers to get an edge in the market. Hear how James Simons became the “quant king.”

You Heard It on the Street Wall Street can be an oracle of pithy advice, and every investor featured in this course has a handful of maxims that he or she lives by. Along with anonymous industry sayings such as, “No tree grows to the sky” (meaning a bull market can ‘t last forever), you hear words of wisdom such as these:

“Beware of inside information…. No one is going to hand you a lot of easy money.” —Jesse Livermore “My favorite holding period is forever.” —Warren Buffet “Everyone has the brainpower to make money in stocks. Not everyone has the stomach.” —Peter Lynch “If you have a losing position that is making you uncomfortable, the solution is very simple: Get out.” —Paul Tudor Jones “Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker!” —Linda Bradford Raschke “There is no point in being confident and having a small position.” —George Soros

Advice Everyone Can Use In addition to covering the tactics, successes, and setbacks of industry giants, The Art of Investing also